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GM attracts top startups to develop next-generation batteries to surpass Tesla
General Motors (GM) is partnering with “all the best startups” to develop battery technology for next-generation EVs as part of a $ 27 billion program to match or surpass Tesla in the EV sector. Doug Parks, executive vice president of global product development at GM.
REUTERS / Rebecca Cook
We have partnered with some of the big companies, including Honda Motor and LG Chem, to develop electric vehicles and batteries, Parks said, adding that GM is also looking at start-up technology to build a technical base.
Speaking at an investor conference, Parks said GM is continuing to partner with Honda, which is co-developing several future electric vehicles.
He noted that GM and Honda have opportunities for greater cooperation. GM could expand this relationship to other segments, including sharing combustion-engine vehicles and platforms with Honda, Parks says.
Nearly a year ago, GM CEO Mary Barra said the automaker had increased its electric and autonomous vehicle budget from $ 20 billion to $ 27 billion through 2025.
Most of the additional funds will go towards building new manufacturing facilities for Ultium batteries, Parkes said. These batteries are slated to start production next year at a joint venture between GM and LG Chem in Ohio.
GM plans to launch about 20 new electric vehicle models for North America by 2025. The company will need more batteries to implement this plan. Therefore, after the launch of the battery production in Ohio, according to Parks, additional investment will be required to increase it.